After weeks of anticipation, the day has finally arrived: In a dramatic push into uncharted waters for the social media behemoth that saw Mark Zuckerberg make overtures to his former arch-nemises (the Winklevii), Facebook has finally published the white paper for its long-awaited stablecoin, “Libra”.
It wouldn’t be an exaggeration to say that Facebook’s white paper was the most hotly anticipated crypto whitepaper ever – made more so by Facebook’s extreme secrecy surrounding the project, which Zuck reportedly hopes will steer the company out of a morass of scandal and into a new, even more profitable, era. But Facebook will also be expanding into a major new business (payments) just as the FTC and DoJ initiate anti-trust investigations against FB and a handful of other tech giants, and regulators on both sides of the Atlantic have already expressed some concern.
Per the white paper, Facebook’s global stablecoin will be dubbed “Libra.” It will operate on its own “Libra” blockchain, and will be backed by a reserve of assets, which technically makes it a “stable coin” (not unlike Tether). The coin will be governed by a non-profit consortium, the “Libra Association,” which will oversee development of the “Libra” ecosystem from Switzerland.